Premier Global Groups has work side to side with investors consulting on their goals to make possible putting together a healthy and profitable real estate portfolio for the last 20 years. Here we give the TOP 5 PGG, Tips for new investors. Five great tips that will quickly guide you through the right path to buy your first Real Estate Investment property.
1-Set your expectations! Talk to your accountant, do your numbers, and set your goals. Answer these questions as a starting point:
1. What do you exactly expect from your investment? Long term? Short term? 2. Do I want to use that property to make it part of my lifestyle? i.e., Vacation home? 3. Do I want to be part of the management?
2- Once you know what you want, choose the market to make it happen! As soon as you have your numbers and expectations set up, you are ready to choose your place, the one that better suits you and your goal. For example, if you are buying a 2/2 expected to be rented to a small medium-income family, you should aim to have a nice school district to have it as part of the property features. You would also want to look for low property taxes and maintenance so you can control the Cap rate.
3-Understand the market and the property you pick. It is essential to understand your investment entirely. What’s going on in the area? What kind of investors looks for that market? What kind of tenants would I have? Historically, how has been the market performance? Just make sure you answer as many questions as you can to make sure you have gathered all the information you need. In Real Estate, knowledge translates into peace of mind.
4-Choose a great team to work with you! In today’s lifestyle, we have experts for everything. You’ll find lots of people claiming they are your best possible choice, and probably they are, make sure, however, that you pick someone you trust, legally and emotionally. Choose someone you could consider for a long run partnership. Real Estate is usually a medium to long term investment; hence, you would want to consider start building up your team of advisors. You can go all the way from a Big and famous kind of brokerage to the small and exclusive boutique office. Chose someone you feel comfortable talking about your possibilities. Someone you feel content negotiating on your behalf. But most importantly, pick someone you trust, do your research, and learn about the business as much as you can, knowledge makes your decision easier.
5-Enjoy and acknowledge what you just procured! You have taken a significant step towards your financial development, also, becoming part of a new area, a new community. Honor your new rights and your new commitments as an investor/owner. Know the rules and abide by them. It is part of our investor’s duties being conscious of the new investment you are getting. New financial responsibilities, new neighbors, new community, make the most out of it!
1-Set your expectations! Talk to your accountant, do your numbers, and set your goals. Answer these questions as a starting point:
1. What do you exactly expect from your investment? Long term? Short term? 2. Do I want to use that property to make it part of my lifestyle? i.e., Vacation home? 3. Do I want to be part of the management?
2- Once you know what you want, choose the market to make it happen! As soon as you have your numbers and expectations set up, you are ready to choose your place, the one that better suits you and your goal. For example, if you are buying a 2/2 expected to be rented to a small medium-income family, you should aim to have a nice school district to have it as part of the property features. You would also want to look for low property taxes and maintenance so you can control the Cap rate.
3-Understand the market and the property you pick. It is essential to understand your investment entirely. What’s going on in the area? What kind of investors looks for that market? What kind of tenants would I have? Historically, how has been the market performance? Just make sure you answer as many questions as you can to make sure you have gathered all the information you need. In Real Estate, knowledge translates into peace of mind.
4-Choose a great team to work with you! In today’s lifestyle, we have experts for everything. You’ll find lots of people claiming they are your best possible choice, and probably they are, make sure, however, that you pick someone you trust, legally and emotionally. Choose someone you could consider for a long run partnership. Real Estate is usually a medium to long term investment; hence, you would want to consider start building up your team of advisors. You can go all the way from a Big and famous kind of brokerage to the small and exclusive boutique office. Chose someone you feel comfortable talking about your possibilities. Someone you feel content negotiating on your behalf. But most importantly, pick someone you trust, do your research, and learn about the business as much as you can, knowledge makes your decision easier.
5-Enjoy and acknowledge what you just procured! You have taken a significant step towards your financial development, also, becoming part of a new area, a new community. Honor your new rights and your new commitments as an investor/owner. Know the rules and abide by them. It is part of our investor’s duties being conscious of the new investment you are getting. New financial responsibilities, new neighbors, new community, make the most out of it!